Notifying all the jailbreakers out there, a new version of the TinyUmbrella tool by software developer Notcom has just been confirmed for release. TinyUmbrella 5.0 now supports the iOS 5 Beta 1, so now you can save your 5.0b1 SHSH Blobs locally.According to Notcom:

TinyUmbrella now supports 5.0b1 for all devices. I’ve added a few nag messages to remind people to update their settings. “Request SHSH from Cydia” and “Set Hosts to Cydia on Exit” should be disabled by users as soon as possible especially if you are having issues saving your SHSH. Cydia is ramping down it’s proxy service and will eventually offer it no more. It will continue to host SHSHs and I’m working on the new TinyUmbrella which will integrate with those new features.

Also note that if you preserve your baseband with TinyUmbrella and go to 5.0b1, you will not be able to ‘fixrecovery’ until I am able to update it. Sorry – I just don’t have time to fix it at this moment.

Just don't forget to take note of what Notcom said below, that if you used the TinyUmbrella tool to preserve your baseband and have upgraded to the iOS 5 beta 1, you won't be able use fixrecovery until the tool itself is updated. So proceed with caution.